Is Target Hospitality (TH) Reasonable On Future Cash Flow?

Target Hospitality has had a sharp run over the past few years, and the recent pullback puts fresh focus on whether the current share price lines up with the cash the business can generate. With the stock closing at US$13.79, the key issue is how that market tag stacks up against an intrinsic value estimate built from its own cash flows. Over the past 5 years the stock has returned 233.1%, which raises the question of how much of its future cash generation investors are already baking into...